AGL Energy has announced a new $3.02 billion offer for telco Vocus less than a week after Swedish private equity firm EQT Infrastructure scrapped its own takeover bid for the Sydney-based company.
The energy provider detailed a non-binding plan to acquire Vocus at $4.85 a share in a statement to the ASX on Tuesday morning.
Shares in AGL slipped by more than six per cent at the open of markets and were trading 5.07 per cent lower at $19.85 by 1037 AEST.
Shares in Vocus were 13.71 per cent higher at $4.355 at the same time, still shy of the $4.72 heights hit following EQT’s doomed bid.
AGL, which said on May 31 that it had been unable to agree on due diligence terms with Vocus and had withdrawn its previous offer, stated any successful acquisition would provide it with “access to a market-leading integrated broadband fibre asset base”.
Vocus’ board said on Tuesday it was giving AGL exclusive access to conduct due diligence on the owner of the iPrimus and Dodo brands for four weeks so it can come up with a formal binding proposal.
“There is a clear market opportunity for Vocus, which is generating significant interest in our business and our assets,” Vocus chief executive Kevin Russell said in response to the new AGL bid.
“AGL’s interest in Vocus is consistent with AGL’s strategy to meet the needs of increasingly connected customers as energy and data value streams converge and the traditional energy sector transforms,” AGL said.